Uber reportedly in talks to raise $500M for $12B valuation

On-demand car service Uber is apparently shifting gears on its financing ambitions.

The 4-year-old company, whose app allows customers to request rides in private cars, is in discussions with a group of fund managers to raise about $500 million, financing that would give the startup a valuation of about $12 billion, according to a Wall Street Journal report. Investors are expected to make commitments by the end of this week, the Journal reported, with deal closure coming by the end of the quarter.

CNET has contacted Uber for comment and will update this report when we learn more.

Bloomberg reported earlier this week that Uber was in talks with private equity investors on financing that would give it a valuation of about $10 billion, although it was suggested that the size and value of the possible funding could change.

It appears one of Uber's recent hires could be leading the charge for this reported new round of funding. According to Bloomberg, Uber hired Cameron Poetzscher from Goldman Sachs Group in March to be in charge of its corporate development.

A $12 billion valuation would be triple the current value of the company. Last August, Uber racked up roughly $350 million in funding, which gave it a $3.5 billion valuation. Such funding would make the company one of the most valuable venture-backed startups and allow it to pull ahead of rival on-demand car service Lyft, which announced in April that it had raised $250 million in Series D funding.